November 21,  2022


on  Crypto Regulation

Jon Cunliffe,

Deputy Governor, Bank of England spoke on the FTX collapse and the need for regulations.


FTX debacle , he talked about the need to integrate a regulatory framework in the crypto world.

On November 11 , FTX and its affiliates filed for bankruptcy after SBF resigned from his CEO position.

FTX owes nearly 

$3.1 billion

to its top 50 creditors.

Cunliffe added the need for a framework to

“prevent crypto shock

that could have a much greater destabilising impact.”

Furthermore, he said the Bank of England will hold public consultations to develop more

detailed rules for stablecoins.

Currently, BoE and finance ministry are looking at their own

digital pound.